Anyone know the implications of the Feds "takeover" of loans Forum

[Always Credited]

I hear death camps are a possible implication.

Sarah Palin told me so.

[Holly Golightly]

I'm just waiting to be denied for GradPLUS based on bad credit and then start contemplating ways to kill myself.

[pleasetryagain]

Please explain this --LinkRemoved--

Seriously?

If you still have Federal loans at a variable interest rate now is the time to consolidate. When you consolidate Federal loans the interest rate is the weighted average of all your loans rounded up to the nearest 1/8 percent.

So what is this number for?

Stafford Loan (in repayment): 2.50%

Is that for someone who has an average loan interest rate of 2.5%? Not trying to be dumb (although it looks like I am coming off that way), I just don't understand the process of consolidating I guess. An attorney in my office said he took out loans at like 6.0% and now only pays like 3% after he consolidated his loans.

a refinance doesnt equal a consolidation (although they kind of go hand in hand). if he makes money and has liquidity he could have refinanced all his loabs privately at a lower rate. thuogh 3% sounds low.